While the domestic upward action is impressive, investors are also seeing strength overseas. EUFN is designed to target the largest and most influential banking institutions from Europe. Its top holdings include HSBC ( HBC), UBS, Banco Santander ( STD) and Allianz.

In this week's five ETFs to watch, I encouraged tech hungry investors to keep a close watch on today's earnings calendar with companies top tech names like Google ( GOOG) and Intel ( INTC) on the docket.

The mood appears optimistic with networking-related products such as PXQ and the iShares S&P North American Technology Multimedia Networking Index Fund ( IGN) securing some of the largest gains. F5 Networks ( FFIV) is leading the climb higher, as its shares are up over 12% in early afternoon trading.

The Hong Kong ETF is on the verge of locking in its third consecutive day of positive action, returning to levels last seen at the start of November. Thanks to this multi-day rally, the fund is nearing its 50-day moving average. The last time this level was tested was early August.

Continued market improvement will likely help EWH power higher. Investors should exercise caution however. This fund boasts ample exposure to China's housing market. In the event that the outlook for the nation's real estate picture sours, the fund could be in for some rocky action.

TAN's staggering early-year rally has likely tempted many doubters to reevaluate their feelings towards solar energy. This afternoon's weakness, however, is evidence of its inherent volatility. Macroeconomic and political headwinds continue to threaten the near-term strength of this alternative energy industry. Those willing to try their luck here should be sure to keep any exposure small and closely monitored.